The Road Ahead for the Connected Healthcare Market: Key Growth Trends and Opportunities to Watch
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What CAGR is Anticipated for the Connected Healthcare Market During the Forecast Period, and Why?
The market size of connected healthcare has witnessed rapid acceleration in the past few years. Its value is projected to escalate from $155.31 billion in 2024 to $195.91 billion in 2025, boasting a compound annual growth rate (CAGR) of 26.1%. Factors contributing to the expansion during the historical period include an aging population coupled with chronic illnesses, the adoption of digital health technologies, healthcare associated costs and efficiency, remote patient supervision, along with demands driven by the pandemic.
The market size of connected healthcare is projected to witness a remarkable surge in the coming years, potentially swelling to $555.58 billion by 2029 with a 29.8% Compound Annual Growth Rate (CAGR). This forecast period growth is speculated to be due to factors such as the swelling acceptance of personalized medicine, health data interoperability, and value-based care models. Other factors include an enhanced attention towards mental health and overall well-being, accessibility to healthcare and fairness, increased cybersecurity and protection of data, along with a mounting requirement for managing population health. Notable trends during this forecast period are likely to be an upswing in IoT devices and sensors, deployment of artificial intelligence in the healthcare sector, wearable health tech, technological progress, and innovation in products.
How Are the key drivers Contributing to the Expansion of the connected healthcare Market?
The mounting adoption of IT within the healthcare sector significantly fuels the expansion of the connected healthcare industry. Connected healthcare employs the internet and additional wireless technologies to collect patient information and facilitate the bond between patients and their healthcare providers, encouraging remote healthcare surveillance through automated systems. The process involves healthcare IT integration software, and its incorporation into healthcare equipment and apps for streamlined operation and management of extensive medical data, thereby boosting remote healthcare administration. For instance, in November 2022, a Healthcare Information and Management Systems Society (HIMSS) survey revealed that 61% of healthcare executives adopted automation technologies, symbolizing a noticeable elevation from prior years. This spike forms part of a larger drive to augment operational efficiency and milieu healthcare costs. Consequently, the escalating fusion of IT within healthcare is anticipated to drive the connected healthcare market’s growth in the forecast duration.
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Which Companies Are Poised to Shape the Future of the Connected Healthcare Market?
Major companies operating in the connected healthcare market include:
• Allscripts Healthcare Solutions Inc._x000D_
• Cerner Corporation_x000D_
• Koninklijke Philips N.V._x000D_
• International Business Machines Corporation_x000D_
• AirStrip Technologies LP_x000D_
What Are the Latest Innovations and Trends Influencing the Connected Healthcare Market?
Significant players in the connected healthcare market, such as ZAIDYN Connected Health, are concentrating their efforts on creating products that are technologically superior, with the goal of enhancing remote patient monitoring and improving health outcomes. ZAIDYN Connected Health enables pharmaceutical companies, healthcare providers, and payers to innovate in order to identify unmet needs, foster patient involvement, and heighten health outcomes more effectively. As an example, the AI-enabled ZAIDYN Connected Health solution was introduced in October 2023 by ZS Associates Group, Inc., a management consulting and technology company from the USA; it forms part of the ZAIDYN by ZS platform. This solution features three product suites designed to fill healthcare voids and shape a more patient-centered future, focusing on health insights, patient engagement, and connected research.
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How Are the Key Segments of the Connected Healthcare Market Impacting Its Expansion and Revenue Streams?
The connected healthcare market covered in this report is segmented –
1) By Type: e-Prescription, mHealth Services, mHealth Devices
2) By Function: Remote Patient Monitoring, Clinical Monitoring, Telemedicine, Other Functions
3) By Application: Monitoring Applications, Diagnosis And Treatment, Education And Awareness, Healthcare Management, Wellness And Prevention
4) By End Users: Hospitals And Clinics, Home Monitoring
Subsegments:
1) By e-Prescription: Electronic Prescription Management Systems, E-Pharmacy Integration, Prescription Refill and Renewal Systems
2) By mHealth Services: Remote Patient Monitoring Services, Telemedicine and Virtual Consultation Services, Health and Wellness Coaching Services
3) By mHealth Devices: Wearable Fitness Trackers, Mobile Health Monitors, Smart Medication Management Devices
What Regions Are Contributing Significantly to the Growth of the Connected Healthcare Market?
North America was the largest region in the connected healthcare market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected healthcare market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Key Elements Shape the Definition of the Connected Healthcare Market?
Connected healthcare is a technology-driven system that links devices, services, and providers, facilitating the smooth exchange of health data. It enables better patient care through real-time monitoring, remote diagnostics, and tailored treatments.
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